Core Scientific (NASDAQ:CORZ) Trading Down 5.2% – Here’s What Happened

Core Scientific, Inc. (NASDAQ:CORZ) traded down 5.2% on Wednesday . The company traded as low as $10.65 and last traded at $10.69. 3,290,953 shares were traded during mid-day trading, a decline of 75% from the average session volume of 13,268,480 shares. The stock had previously closed at $11.28.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and issued a $17.00 price target on shares of Core Scientific in a report on Tuesday, March 11th. Citizens Jmp upgraded Core Scientific to a “strong-buy” rating and set a $15.00 price objective for the company in a research note on Thursday, May 22nd. JMP Securities began coverage on Core Scientific in a research note on Thursday, May 22nd. They set a “market outperform” rating and a $15.00 price objective for the company. Cantor Fitzgerald cut their price objective on Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Finally, Citigroup began coverage on Core Scientific in a research note on Thursday, May 22nd. They set an “outperform” rating for the company. Eighteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $18.33.

Core Scientific Stock Down 4.6%

The company has a market capitalization of $3.21 billion, a PE ratio of -1.99 and a beta of 6.66. The firm has a 50-day moving average of $8.43 and a two-hundred day moving average of $11.79.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $79.53 million during the quarter, compared to analysts’ expectations of $92.04 million. The company’s revenue was down 55.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.78 earnings per share. On average, equities research analysts expect that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Buying and Selling

In other Core Scientific news, Director Jordan Levy acquired 62,500 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the completion of the transaction, the director now owns 306,887 shares of the company’s stock, valued at approximately $2,458,164.87. The trade was a 25.57% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Todd A. Becker sold 134,250 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.75, for a total value of $1,443,187.50. Following the transaction, the director now owns 195,687 shares of the company’s stock, valued at approximately $2,103,635.25. This represents a 40.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. KBC Group NV acquired a new stake in shares of Core Scientific in the fourth quarter valued at $114,000. Mount Yale Investment Advisors LLC acquired a new stake in shares of Core Scientific during the fourth quarter worth about $421,000. Moody Aldrich Partners LLC acquired a new stake in shares of Core Scientific during the fourth quarter worth about $4,853,000. Calamos Advisors LLC acquired a new stake in shares of Core Scientific during the fourth quarter worth about $1,405,000. Finally, Joel Isaacson & Co. LLC grew its holdings in shares of Core Scientific by 4.5% during the fourth quarter. Joel Isaacson & Co. LLC now owns 58,011 shares of the company’s stock worth $815,000 after buying an additional 2,500 shares during the last quarter.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.